Titan Company is trading lower by 3% at Rs 208 on reporting 19% year-on-year (yoy) decline in net profit at Rs 166 crore for the third quarter ended December 31, 2013 (Q3) on account of extremely poor retail sales during the quarter. The company had profit of Rs 204 crore in the same quarter previous fiscal.
Net sales in the third quarter dropped 11% to Rs 2,650 crore from Rs 2,983 crore in the same quarter last year. The company's operating profit slipped 14% yoy to Rs 230 crore from Rs 269 crore during the quarter.
The overall trend in sales over the last 3 quarters has been similar across all brands and channels with Q3 registering the lowest growth this year due to a poor festive season, Titan Industries said in a statement.
"The sentiments in the market continue to be weak and the company witnessed an extremely poor retail-sales quarter for both its watches and jewellery businesses. The impact of festive season this quarter was much below our expectations,” said Bhaskar Bhat, managing director of the company.
The stock opened at Rs 207 and touched a low of Rs 203 on the BSE. The stock hit 52-week low of Rs 200 in June 13, 2013. A combined around one million shares changed hands on the counter till 0943 hours on the BSE and NSE.
Net sales in the third quarter dropped 11% to Rs 2,650 crore from Rs 2,983 crore in the same quarter last year. The company's operating profit slipped 14% yoy to Rs 230 crore from Rs 269 crore during the quarter.
The overall trend in sales over the last 3 quarters has been similar across all brands and channels with Q3 registering the lowest growth this year due to a poor festive season, Titan Industries said in a statement.
"The sentiments in the market continue to be weak and the company witnessed an extremely poor retail-sales quarter for both its watches and jewellery businesses. The impact of festive season this quarter was much below our expectations,” said Bhaskar Bhat, managing director of the company.
The stock opened at Rs 207 and touched a low of Rs 203 on the BSE. The stock hit 52-week low of Rs 200 in June 13, 2013. A combined around one million shares changed hands on the counter till 0943 hours on the BSE and NSE.
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